Market welcomed the favourable announcement made by Mr Pranab Mukherjee yesterday on 28th feb in loksabha and as a result sensex gains 122 points.The budget cleared the way for foreign investors to invest in Indian equity market through domestic mutual fund schemes, which helped sentiments. In addition, the market cheered the government’s lower fiscal deficit target for financial year 2011-12, lower-than-expected net borrowing, proposals to boost infrastructure investment and a reduction in surcharge on corporate tax.
Nifty gained 29.70 points, or 0.56 per cent, to settle at 5,333.25. All BSE sectoral indices, except for the BSE healthcare index, ended with gains. The turnover in NSE’s cash segment rose to Rs 16,539 crore compared with Rs 13,502 crore in the previous session.
The Budget may have shaken the stock markets, but you can still pick some gems from the infrastructure, auto, FMCG, and pharma sector.
NIFTY TREND FOR TODAY
Nifty trend was volatile on budget day and made an intraday high of 5477 and finally lost much of the gain and closed at 5333 with slight gain .Today the first resistance for nifty is at 5352-56 level.Next resistance at 5380-84 level.Next resistance is at 5398-01 level.
On downside first support is at 5314-10 level.Next support at 5273-68 level.Next support at 5245-41 level.
Positional Immediate support for NIFTY is 5223. Positional Resistance for NIFTY is 5401 5440 5454 5603 5656 5689 5742 5777 5868.
No comments:
Post a Comment